Part 15Accounts and reports
Chapter 4Annual accounts
Information to be given in notes to the accounts
412Information about directors' benefits: remuneration
1
The Secretary of State may make provision by regulations requiring information to be given in notes to a company’s annual accounts about directors' remuneration.
2
The matters about which information may be required include—
a
gains made by directors on the exercise of share options;
b
benefits received or receivable by directors under long-term incentive schemes;
c
payments for loss of office (as defined in section 215);
d
benefits receivable, and contributions for the purpose of providing benefits, in respect of past services of a person as director or in any other capacity while director;
e
consideration paid to or receivable by third parties for making available the services of a person as director or in any other capacity while director.
3
Without prejudice to the generality of subsection (1), regulations under this section may make any such provision as was made immediately before the commencement of this Part by Part 1 of Schedule 6 to the Companies Act 1985 (c. 6).
4
For the purposes of this section, and regulations made under it, amounts paid to or receivable by—
a
a person connected with a director, or
b
a body corporate controlled by a director,
are treated as paid to or receivable by the director.
The expressions “connected with” and “controlled by” in this subsection have the same meaning as in Part 10 (company directors).
5
It is the duty of—
a
any director of a company, and
b
any person who is or has at any time in the preceding five years been a director of the company,
to give notice to the company of such matters relating to himself as may be necessary for the purposes of regulations under this section.
6
A person who makes default in complying with subsection (5) commits an offence and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.